Voice Biometrics Market Forecasts to 2028 – Global Analysis By Technology (Artificial Intelligence-Based, Non AI Based), Application (Access Security, Payments), End User (Military, Education) and By Geography
According to Stratistics MRC, the Global Voice Biometrics Market is accounted for $1.10 billion in 2020 and is expected to reach $4.99 billion by 2028 growing at a CAGR of 20.8% during the forecast period. Factors such as rising threat to security, growing demand for voice authentication, and growing need to reduce authentication costs are driving the growth of the market. However, high cost and privacy concerns are hampering the growth of the market.
Biometrics technology supports to recognize and validate the identity of an individual through physiological or behavioral uniqueness. The voice biometrics technology recognizes a person without any physical contact through the help of the system. This is done by comparing the recorded voice of the person with previously stored data in the system of the same person. Various voice recorders are utilized for this purpose.
Based on the end user, the healthcare and life sciences segment is anticipated to expand at a rapid pace during the forecast period as voice biometrics offers enhanced security with fewer false rejections, and has a simple sign up process that doesn’t require strenuous effort. By geography, North America is going to have high growth during the forecast period which can be attributed to the strong focus on research and development for technological advances and implementation of the same.
Some of the key players profiled in the Voice Biometrics Market include Voice Biometrics Group, Nuance Communications Inc, LexisNexis Risk Solutions Inc, Pindrop Security Inc, Auraya Systems Pty. Ltd, NICE Ltd, One Vault SA, VoicePIN.com Sp. z o.o., Verint Systems Inc, Uniphore Software Systems Pvt. Ltd, Aimbrain Solutions Ltd, Phonexia Ltd, Lumen Vox LLC (Voice Trust GmBH), Aculab Inc, and SESTEK.
Estimated Market Size in 2020:
USD 1.10 billion
Compound Annual Growth Rate (CAGR) from 2020 to 2028:
Predicted 2028 Value:
USD 4.99 billion
Tables, Graphs& Figures
Component, Deployment Mode, Organization Size, Authentication Process, Type, Technology, Application, End User and Region
Core Drivers and Opportunities:
Restraining Factors & Market Threats:
Deployment Modes Covered:
Organization Sizes Covered:
• Small and Medium-Sized Enterprises (SME's)
• Large Enterprises
Authentication Processes Covered:
• Automated Interactive Voice Response (IVR)
• Mobile Applications
• Employee Authentication
• Active Voice Biometrics
• Passive Voice Biometrics
• Artificial Intelligence-Based
• Non-Artificial Intelligence Based
• Forensic Voice Analysis and Criminal Investigation
• Workforce Management
• Risk and Emergency Management
• Access Security
• Other Applications
End Users Covered:
• Banking, Financial Services and Insurance (BFSI)
• Military and Defense
• IT and Telecom
• Energy and Utilities
• Retail and E-Commerce
• Travel and Hospitality
• Healthcare and Life Sciences
• Transportation and Logistics
• Consumer Electronics & Mobile Devices
• Media and Entertainment
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2019, 2020, 2021, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Key Questions Answered In The Report
The Global Voice Biometrics Market is majorly driven by rising threat to security, growing demand for voice authentication, and growing need to reduce authentication costs.
The healthcare and life sciences segment is growing at a highest CAGR as voice biometrics offers enhanced security with fewer false rejections.
North America dominated with a significant market share due to the strong focus on research and development for technological advancements and implementation of the same.
Asia Pacific market is growing at a highest CAGR owing to the rising need for preventing criminal activities in the region.
Key players in Voice Biometrics Market include Voice Biometrics Group, Nuance Communications Inc, LexisNexis Risk Solutions Inc, Pindrop Security Inc, Auraya Systems Pty. Ltd, NICE Ltd, One Vault SA, VoicePIN.com Sp. z o.o., Verint Systems Inc, Uniphore Software Systems Pvt. Ltd, Aimbrain Solutions Ltd, Phonexia Ltd, Lumen Vox LLC (Voice Trust GmBH), Aculab Inc, and SESTEK.
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